Bitcoin Miner BTCS Raises $1 Million in New Funding

Publicly traded bitcoin miner BTCS, formerly known as Bitcoin Shop, has raised $1m in new funding, public records show.

According to a Form D published today by the US Securities and Exchange Commission, the Nevada-based firm sold $1m in equity. In a separate filing, the startup said that the sale had taken place on 25th May, involving four institutional investors.

Yet a filing from March suggests that BTCS may be on shaky ground-revenue wise – an issue that has dogged the bitcoin mining startup in the past. BTCS said that it expects to report $361,000 in revenue for the year ending 31st December 2016.

“The Company expects to report a substantial increase in loss from operations which at the time of this report has yet to be dermined[sic] due to the complex nature of the Company’s derivative liabilities,” the firm added in the filing.

The notice comes days after the company’s stock, as reported by Street RegisterYahoo! Finance, saw its publicly traded stock jump in price, rising from roughly $0.05 to about $0.15 between 23rd and 25th May. The current price is averaging $0.08, according to data from Yahoo! Finance.